By Angela McDaniels
Seattle, May 1 - JPMorgan Chase & Co. priced a $2.69 million issue of reverse exchangeable notes due Aug. 7, 2007 linked to the common stock of VistaPrint Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 4.25% for an annualized rate of 17%. Interest is payable at maturity.
The payout at maturity, in addition to interest, will be par unless VistaPrint stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of VistaPrint shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.
J.P. Morgan Securities Inc. is the agent.
| Issuer: | JPMorgan Chase & Co.
|
| Issue: | Reverse exchangeable notes
|
| Underlying stock: | VistaPrint Ltd.
|
| Amount: | $2.69 million
|
| Maturity: | Aug. 7, 2007
|
| Coupon: | 17%, payable at maturity
|
| Price: | Par
|
| Payout at maturity: | If VistaPrint stock falls by more than 20% during the life of the notes and finishes below the initial share price, 26.7523 VistaPrint shares or the equivalent cash value; otherwise, par
|
| Initial share price: | $37.38
|
| Pricing date: | April 30
|
| Settlement date: | May 7
|
| Agent: | J.P. Morgan Securities Inc.
|
| Agent fees: | 1.5%, including 1.25% for selling concessions
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